MG Lands $68M to Build Boutique Coral Gables Development
By Julia Echikson July 7, 2023 2:10 pm
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MG Developer nabbed a $67.5 million construction loan for a luxury residential development in Coral Gables, a wealthy suburb just outside Miami, property records show.
The loan from Churchill Real Estate will go toward building the Village at Coral Gables, which will feature 48 residences, including townhomes and condo units. Construction is expected to begin this month with completion scheduled by the second quarter of 2025. Asking prices at the Village at Coral Gables will start at $2 million. One Sotheby’s International Realty is leading the sales.
The 2.6-acre site, which houses a number of single-family homes that will be demolished, spans a full city block at 535 Santander Avenue, two blocks west of South Le Jeune Road. MG Developer, led by Alirio Torrealba, assembled the land last year, paying nearly $16 million in total, according to records.
The Coral Gables-based developer is active in its home base, having completed the five-unit Althea Row last year, which nearly sold out in 90 days, according to MG. It’s now completing the 10-unit Biltmore Row townhouse project after securing $16 million in 2020, per the South Florida Business Journal.
Last month, MG Developer, in partnership with Baron Property Group, announced plans to expand a two-building rental complex in Hialeah into a 2.3 million-square-foot development that’s estimated to cost $600 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
